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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and Workhorse Group Inc. (WKHS). Click either name above to swap in a different company.
Workhorse Group Inc. is the larger business by last-quarter revenue ($12.5M vs $7.1M, roughly 1.8× Borealis Foods Inc.). Borealis Foods Inc. runs the higher net margin — -53.2% vs -166.5%, a 113.2% gap on every dollar of revenue. On growth, Workhorse Group Inc. posted the faster year-over-year revenue change (432.0% vs -12.0%). Over the past eight quarters, Workhorse Group Inc.'s revenue compounded faster (205.7% CAGR vs -2.4%).
Borealis Foods Inc is a food technology enterprise specializing in developing and producing high-quality plant-based protein products including plant-based meat alternatives. It mainly serves retail and food service customers across North America and Europe, focusing on delivering affordable, nutritious sustainable food options matching the taste of conventional animal-derived meat.
Workhorse Group is an original equipment manufacturer and technology company headquartered in Sharonville, Ohio, USA. In 2025, it merged its operations with those of Motiv Electric Trucks, forming a new entity known as Workhorse.
BRLS vs WKHS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $12.5M |
| Net Profit | $-3.8M | $-20.8M |
| Gross Margin | 14.6% | 80.4% |
| Operating Margin | -27.1% | -28.6% |
| Net Margin | -53.2% | -166.5% |
| Revenue YoY | -12.0% | 432.0% |
| Net Profit YoY | 21.8% | -171.8% |
| EPS (diluted) | $-0.18 | $0.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $12.5M | ||
| Q3 25 | $7.1M | $2.4M | ||
| Q2 25 | $7.2M | $5.7M | ||
| Q1 25 | $6.8M | $640.9K | ||
| Q4 24 | $6.8M | $2.4M | ||
| Q3 24 | $8.1M | $2.5M | ||
| Q2 24 | $5.5M | $842.4K | ||
| Q1 24 | $7.9M | $1.3M |
| Q4 25 | — | $-20.8M | ||
| Q3 25 | $-3.8M | $-7.8M | ||
| Q2 25 | $-4.6M | $-14.8M | ||
| Q1 25 | $-4.2M | $-20.6M | ||
| Q4 24 | $-5.8M | $29.0M | ||
| Q3 24 | $-4.8M | $-25.1M | ||
| Q2 24 | $-6.3M | $-26.3M | ||
| Q1 24 | $-8.4M | $-29.2M |
| Q4 25 | — | 80.4% | ||
| Q3 25 | 14.6% | -323.2% | ||
| Q2 25 | 7.2% | -130.2% | ||
| Q1 25 | 13.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 15.8% | -164.7% | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | — | -28.6% | ||
| Q3 25 | -27.1% | -694.2% | ||
| Q2 25 | -46.7% | -255.3% | ||
| Q1 25 | -42.6% | -2002.9% | ||
| Q4 24 | -68.4% | — | ||
| Q3 24 | -44.8% | -564.5% | ||
| Q2 24 | -94.8% | -2435.6% | ||
| Q1 24 | -88.3% | -1771.6% |
| Q4 25 | — | -166.5% | ||
| Q3 25 | -53.2% | -328.2% | ||
| Q2 25 | -64.0% | -260.7% | ||
| Q1 25 | -61.2% | -3221.0% | ||
| Q4 24 | -85.3% | 1233.7% | ||
| Q3 24 | -59.8% | -1001.5% | ||
| Q2 24 | -115.0% | -3124.3% | ||
| Q1 24 | -106.8% | -2177.0% |
| Q4 25 | — | $0.09 | ||
| Q3 25 | $-0.18 | $-0.50 | ||
| Q2 25 | $0.21 | $-1.67 | ||
| Q1 25 | $-0.20 | $-4.68 | ||
| Q4 24 | $-0.82 | $51.11 | ||
| Q3 24 | $-0.23 | $-0.98 | ||
| Q2 24 | $0.29 | $-17.45 | ||
| Q1 24 | $-0.49 | $-24.09 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $12.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $43.0M |
| Total Assets | $56.3M | $117.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $12.9M | ||
| Q3 25 | — | $12.7M | ||
| Q2 25 | — | $2.2M | ||
| Q1 25 | — | $2.6M | ||
| Q4 24 | — | $6.6M | ||
| Q3 24 | — | $3.2M | ||
| Q2 24 | — | $5.3M | ||
| Q1 24 | — | $6.7M |
| Q4 25 | — | $43.0M | ||
| Q3 25 | $-12.9M | $32.1M | ||
| Q2 25 | $-9.2M | $22.3M | ||
| Q1 25 | $-4.8M | $31.4M | ||
| Q4 24 | $-695.9K | $-40.8M | ||
| Q3 24 | $5.1M | $47.3M | ||
| Q2 24 | $9.9M | $58.6M | ||
| Q1 24 | $16.2M | $67.4M |
| Q4 25 | — | $117.9M | ||
| Q3 25 | $56.3M | $116.7M | ||
| Q2 25 | $57.3M | $99.3M | ||
| Q1 25 | $58.4M | $115.5M | ||
| Q4 24 | $60.0M | $37.4M | ||
| Q3 24 | $61.9M | $101.4M | ||
| Q2 24 | $63.6M | $105.4M | ||
| Q1 24 | $70.3M | $113.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-190.6K | $-10.5M |
| Free Cash FlowOCF − Capex | — | $-11.1M |
| FCF MarginFCF / Revenue | — | -89.0% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-10.5M | ||
| Q3 25 | $-190.6K | — | ||
| Q2 25 | $-2.2M | — | ||
| Q1 25 | $-1.4M | $-8.2M | ||
| Q4 24 | $-819.4K | $2.0M | ||
| Q3 24 | $-3.3M | — | ||
| Q2 24 | $-4.2M | $-12.1M | ||
| Q1 24 | $-6.8M | $-18.0M |
| Q4 25 | — | $-11.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-1.4M | $-8.2M | ||
| Q4 24 | $-951.6K | $1.2M | ||
| Q3 24 | $-3.7M | — | ||
| Q2 24 | $-4.7M | $-12.8M | ||
| Q1 24 | $-7.3M | $-21.0M |
| Q4 25 | — | -89.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -20.3% | -1275.0% | ||
| Q4 24 | -14.1% | 52.2% | ||
| Q3 24 | -46.1% | — | ||
| Q2 24 | -86.7% | -1523.4% | ||
| Q1 24 | -92.7% | -1567.2% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.2% | 2.8% | ||
| Q4 24 | 2.0% | 31.2% | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | 87.1% | ||
| Q1 24 | 7.0% | 225.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
